InsuranceDekho Raises $60M Funding From Mitsubishi UFJ Financial Group, Others
InsuranceDekho, an insurance marketplace, has made headlines by raising $60 million in its ongoing Series B funding round from Mitsubishi UFJ Financial Group (MUFG, a Japanese financial services major), Beams Fintech, and BNP Paribas Cardif, which put money through its insurtech fund managed by European investment major Eurazeo.
As per the startup, the freshly raised funds will be used for inorganic growth opportunities. The startup is also exploring some acquisition targets, which it hopes to close soon.
The funding round also saw participation from the family office of Yogesh Mahansaria (MD of Mahansaria Tyres, a major tyre manufacturer), several new investors, and existing investors TVS Capital, Goldman Sachs Asset Management, and Avataar Ventures.
InsuranceDekho | Buy Insurance Online
Founded by Ankit Agrawal and Ish Babbar in 2017, InsuranceDekho is an online platform that lets users compare and buy insurance quotes from top-rated insurance companies across Motor, Health, Life, Travel, and other insurance from multiple companies.
As per the firm, it has around 1.1 lakh on-field agents and aims to increase the number to 2 lakh by the financial year-end. The insurance marketplace claims to be already processing an annual premium run rate of Rs 3,000 crore, with aims to double it by the end of the current fiscal.
Statement from the Investors
Commenting on the development, Shashank Joshi, Deputy CEO at MUFG Bank, India, stated that their entry into the Insurtech sector signifies a strategic commitment to increase insurance accessibility in India. He added that InsuranceDekho’s tech-driven last-mile distribution model perfectly aligns with their vision of advancing insurance outreach in India.
Matthieu Baret, Managing Partner-venture at Eurazeo, said,
“We are thrilled to make InsuranceDekho our first investment in India with the insurer BNP Paribas Cardif. After our investments in China, Indonesia, and Singapore, we’re extending our footprint with the ambition to become a leading player in Asia.”
With the freshly raised funds, the startup aims to enhance its marketing efforts and finance new initiatives like reinsurance.
As per the firm, it is present in about 1,500 towns. Competing with the likes of Acko, Turtlemint, and PolicyBazaar, InsuranceDekho claims to have more than 6 million customers. With direct integration with 46 insurance companies in India, the startup claims to offer over 380 insurance products, including 175 products for health and life.
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